KARACHI: Despite a pause in interest rate cuts and a weakening rupee due to declining foreign exchange reserves, the Pakistan Stock Exchange (PSX) remained in the green zone for the fifth consecutive week, propelling above 115,000 level after almost two months.

According to AKD Securities Ltd, the week started on a negative note as the State Bank of Pakistan’s Monetary Policy Committee delivered a surprise status quo in the benchmark interest rate at 12pc coupled with the IMF raising concerns over the government’s plan for resolving Rs1.25 trillion circular debt through commercial bank borrowing, kept investors cautious.

This positive performance was supported by improved investor sentiment following some ‘relaxations’ provided during the first review by the visiting IMF mission.

The market traded within a narrow band of 2,100 points during the week, remaining lacklustre as trading activity was subdued due to Ramazan.

During the last two sessions, the market turned positive owing to some developments in the discussions........

© Dawn Business